I have been bidding on properties within the Myroof porfolio and have noticed the same properties being re-auctioned. The bank has contacted me to say that the last bid had fallen through and my bid was the next highest. I need to participate on the reauction. Only to find that the property is being reauctioned again. This in my opinion is not an auction but more a fact finding mission as they appear to be determining the appetite of the market as no bids are being accpeted as they may be too low. Myroof confirms that there is no reserve and the bank says that they cannot divulge that information. The reason I am getting concerned with the practices of this is that I drove down to the south coast to look at a property that was on the site for almost 2 years with no activity. I call the bank to say that I have viewed the property and would like to make and offer and by the time I landed in Jhb it was sold to someone else for R10000 more than what I offered. I smell something fishy. That is all I am saying.
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